偿付能力监管约束下保险公司融资行为研究

A Research on Insurer’s Financing Behaviors under the Constraints of Solvency Supervision

保险公司融资行为受保险业偿付能力监管影响较大。本文选取99家保险公司2009~2017年的年度财务报表数据,研究偿付能力监管对保险公司融资行为的影响。研究发现,保险公司面临的偿付能力监管压力是其进行对外融资的直接动因,随着监管压力的增加,保险公司进行外源性融资的可能性增加。在外源融资决策中,股权融资决策受监管压力影响显著,而债权融资则受监管压力影响不显著。本文建议保险公司应结合自身条件,合理运用内源资金,并且完善长期投融资发展策略;监管机构可调整相应约束条件,引导保险公司的融资行为。

Insurer’s financing behaviors are significantly affected by the solvency regulation.This study selected the annual report data of 99 insurance companies in China from 2009 to 2017,and studied the impact of solvency regulation on the financing behaviors of insurance companies.The empirical results show that the solvency supervision pressure faced by insurance companies is the direct reason of their external financing.With the increase of regulatory pressure,the possibility of seeking external financing increases.In the decision-making of external financing,equity financing decisions are significantly affected by regulatory pressures,while debt financing is not so much affected.The paper suggests that insurance companies properly evaluate their conditions and internal financial resources to improve on their long-term financing and investment strategy,and regulators can guide financing behaviors of insurers by readjusting their constraints.